FASIL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 15 filings
Turnover
≈ €160,000
Estimated: probably between €84,000 and €300,000
EBIT margin
Not included in this filing
Net result
€17,551▲ 57.5%
2024 · €11,143
Working capital
€24,717▲ 156%
2024 · €9,653
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€26,255
▲ 54.6%
2025
20182025
Net result
€17,551
▲ 57.5%
2025
20182025
Equity
€43,018
▲ 68.9%
2025
20182025
Total assets
€71,152
▲ 65.4%
2025
20182025
Debt
€28,134
▲ 60.2%
2025
20182025
Working capital
€24,717
▲ 156%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,871-€4,693▲ 63.5%€4,773▲ 1.7%€4,485▼ 6.0%€18,176▲ 305%€13,187▼ 27.4%€16,979▲ 28.8%€26,255▲ 54.6%
Net result€1,168-€2,347▲ 101%€2,784▲ 18.6%€1,963▼ 29.5%€12,688▲ 546%€8,124▼ 36.0%€11,143▲ 37.2%€17,551▲ 57.5%
Equity€10,884-€13,231▲ 21.6%€11,014▼ 16.8%€12,977▲ 17.8%€24,865▲ 91.6%€32,989▲ 32.7%€25,467▼ 22.8%€43,018▲ 68.9%
Total assets€14,286-€15,504▲ 8.5%€16,847▲ 8.7%€29,205▲ 73.4%€67,750▲ 132%€59,962▼ 11.5%€43,024▼ 28.2%€71,152▲ 65.4%
Debt€3,402-€2,273▼ 33.2%€5,833▲ 157%€16,228▲ 178%€42,884▲ 164%€26,972▼ 37.1%€17,557▼ 34.9%€28,134▲ 60.2%
Working capital€7,475-€11,099▲ 48.5%€9,029▼ 18.6%€5,301▼ 41.3%€4,231▼ 20.2%€14,988▲ 254%€9,653▼ 35.6%€24,717▲ 156%
The operating result for 2025 is 55% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71,152
Fixed assets
€28,358 ▲ 29.5%
Current assets
€42,795 ▲ 103%
Equity and liabilities €71,152
Equity
€43,018 ▲ 68.9%
Debt
€28,134 ▲ 60.2%
Debt's share of the balance-sheet total falls from 40.8% to 39.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€43,413▲
2024 · €30,752
Cash flow
€34,710▲
2024 · €24,916
Current ratio
2.37▲
2024 · 1.84
Debt to equity
0.65▼
2024 · 0.69
ROE
40.8%▼
2024 · 43.8%
ROA
24.7%▼
2024 · 25.9%
Interest coverage
41.96▲
2024 · 40.68
Debt ≤ 1 year
€18,077▲
2024 · €11,474
Debt > 1 year
€10,057▲
2024 · €6,083
Income taxes
€7,669▲
2024 · €5,081
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,569 | €52,463 | €1,000 | €1,159 | €23,619 |
| Depreciation and write-downs of the year | €3,585 | €5,950 | €13,408 | €13,773 | €17,158 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,291 | €1,276 | €1,143 | €3,585 | €5,950 | €13,408 | €13,773 | €17,158 | ▲ 24.6% |
| Other operating charges640/8 | - | - | - | €898 | €1,102 | €839 | €682 | €945 | ▲ 38.5% |
| Non-recurring operating charges66A | - | - | - | - | €89 | - | - | - | - |
| Gross operating margin9900 | €4,931 | €6,898 | €6,932 | €8,968 | €25,316 | €27,434 | €31,435 | €44,358 | ▲ 41.1% |
| Operating profit (loss)9901 | €2,871 | €4,693 | €4,773 | €4,485 | €18,176 | €13,187 | €16,979 | €26,255 | ▲ 54.6% |
| Financial income75/76B | - | - | - | €134 | €196 | €0 | €1 | €1 | ▲ 17.1% |
| Recurring financial income75 | - | - | €134 | €134 | €196 | €0 | €1 | €1 | ▲ 17.1% |
| Financial charges65/66B | - | - | - | €421 | €894 | €978 | €756 | €1,035 | ▲ 36.8% |
| Recurring financial charges65 | €406 | €357 | €318 | €421 | €894 | €978 | €756 | €1,035 | ▲ 36.8% |
| Profit (loss) for the period before taxes9903 | €2,465 | €4,336 | €4,589 | €4,198 | €17,477 | €12,208 | €16,224 | €25,221 | ▲ 55.5% |
| Income taxes67/77 | €1,297 | €1,989 | €1,805 | €2,235 | €4,789 | €4,085 | €5,081 | €7,669 | ▲ 50.9% |
| Profit (loss) for the period9904 | €1,168 | €2,347 | €2,784 | €1,963 | €12,688 | €8,124 | €11,143 | €17,551 | ▲ 57.5% |
| Profit (loss) for the period to be appropriated9905 | €1,168 | €2,347 | €2,784 | €1,963 | €12,688 | €8,124 | €11,143 | €17,551 | ▲ 57.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14,286 | €15,504 | €16,847 | €29,205 | €67,750 | €59,962 | €43,024 | €71,152 | ▲ 65.4% |
| Fixed assets21/28 | €3,408 | €2,132 | €1,985 | €9,969 | €46,919 | €34,511 | €21,897 | €28,358 | ▲ 29.5% |
| Tangible fixed assets22/27 | €3,408 | €2,132 | €1,985 | €9,969 | €46,919 | €34,511 | €21,897 | €28,358 | ▲ 29.5% |
| Plant, machinery and equipment23 | - | - | - | €90 | - | - | - | €4,473 | - |
| Furniture and vehicles24 | - | - | - | €9,880 | €46,919 | €34,511 | €21,897 | €23,884 | ▲ 9.1% |
| Current assets29/58 | €10,878 | €13,372 | €14,862 | €19,236 | €20,830 | €25,451 | €21,127 | €42,795 | ▲ 103% |
| Amounts receivable after more than one year29 | - | - | - | €7,000 | €7,934 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €7,000 | €7,934 | - | - | - | - |
| Amounts receivable within one year40/41 | €3,433 | €703 | - | €36 | - | €10,900 | €9,792 | €18,064 | ▲ 84.5% |
| Trade receivables40 | - | - | - | - | - | €533 | €533 | - | - |
| Other amounts receivable41 | - | - | - | €36 | - | €10,367 | €9,260 | €18,064 | ▲ 95.1% |
| Cash at bank and in hand54/58 | €5,945 | €5,238 | €7,669 | €7,498 | €11,526 | €13,313 | €5,177 | €14,092 | ▲ 172% |
| Deferred charges and accrued income490/1 | - | - | - | €4,701 | €1,371 | €1,237 | €6,158 | €10,639 | ▲ 72.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14,286 | €15,504 | €16,847 | €29,205 | €67,750 | €59,962 | €43,024 | €71,152 | ▲ 65.4% |
| Equity10/15 | €10,884 | €13,231 | €11,014 | €12,977 | €24,865 | €32,989 | €25,467 | €43,018 | ▲ 68.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €200 | €200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €7,860 | €15,984 | €25,267 | €42,818 | ▲ 69.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €6,000 | €15,984 | €25,267 | €42,818 | ▲ 69.5% |
| Profit (loss) carried forward14 | €2,824 | €5,171 | €2,954 | €4,917 | €10,805 | €10,805 | - | - | - |
| Amounts payable17/49 | €3,402 | €2,273 | €5,833 | €16,228 | €42,884 | €26,972 | €17,557 | €28,134 | ▲ 60.2% |
| Amounts payable after more than one year17 | - | - | - | €2,133 | €26,285 | €16,310 | €6,083 | €10,057 | ▲ 65.3% |
| Financial debts170/4 | - | - | - | €2,133 | €26,285 | €16,310 | €6,083 | €10,057 | ▲ 65.3% |
| Amounts payable within one year42/48 | €3,402 | €2,273 | €5,833 | €13,935 | €16,599 | €10,463 | €11,474 | €18,077 | ▲ 57.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,012 | €9,731 | €9,976 | €10,226 | €10,478 | ▲ 2.5% |
| Trade debts44 | €478 | €5 | €1,371 | €3,299 | €494 | €487 | €667 | €2,059 | ▲ 209% |
| Suppliers440/4 | - | - | - | €3,299 | €494 | €487 | €667 | €2,059 | ▲ 209% |
| Taxes, remuneration and social security45 | - | - | - | €5,624 | €6,374 | - | €581 | €5,540 | ▲ 854% |
| Taxes450/3 | - | - | - | €5,624 | €6,374 | - | €581 | €5,540 | ▲ 854% |
| Accrued charges and deferred income492/3 | - | - | - | €160 | - | €200 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,168 | €2,347 | €2,784 | €1,963 | €12,688 | €8,124 | €11,143 | €17,551 | ▲ 57.5% |
| + Depreciation and write-downs630 | €1,291 | €1,276 | €1,143 | €3,585 | €5,950 | €13,408 | €13,773 | €17,158 | ▲ 24.6% |
| Operating cash flow (approximation) | €2,459 | €3,624 | €3,926 | €5,548 | €18,638 | €21,532 | €24,916 | €34,710 | ▲ 39.3% |
| Investment in fixed assets (approximation) | - | €0 | -€996 | -€11,569 | -€42,899 | -€1,000 | -€1,159 | -€23,619 | ▼ 1,938% |
| Change in cash | - | -€707 | €2,431 | -€171 | €4,028 | €1,787 | -€8,136 | €8,915 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as FASIL has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of FASIL itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for FASIL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00345419 | |
| 31-12-2024 | full format | 23-07-2025 | 2025-00296552 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00390175 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00277624 | |
| 31-12-2021 | full format | 28-08-2022 | 2022-20329681 | |
| 31-12-2020 | full format | 04-08-2021 | 2021-45500233 | |
| 31-12-2019 | full format | 03-09-2020 | 2020-50100049 | |
| 31-12-2018 | full format | 12-08-2019 | 2019-45200126 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-51700191 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-50500104 |